Samsung says that smartphones are the safest way to store cryptocurrencies

[carrascos]

samsung great fellows. they work for the benefit of the crypto currency, went to the market of the asics, it's a very big plus to have such a bigger player on our side

[ci1990]

Haha. That's quite funny. Android is not safe at all ! iOS is much safer but I never store my cryptos on my iPhone. Hardware Wallets are much safer I think!

[2fresh]

Haha. That's quite funny. Android is not safe at all ! iOS is much safer but I never store my cryptos on my iPhone. Hardware Wallets are much safer I think!

Yes I cant understand why someone would claim a phone is the safest way of storage

[BitcSeo]

Big companies that produce smartphones proved already that they can't be too safe. Hackers stole Apple user's data (and it's not only about Apple), mobile phones are burning, etc. How can anyone believe it and be sure in its safety? It's just another way of promoting the brand in order to get more buyers and nothing more. Maybe I'm mistaken but I would not believe it.

@Sethrey, you are right. This is just another way to promote for this BIG company to promote their brand because they notice that they are in direct-competition with most chineese company who are now producing cheapER smartphone


I love the chineese for onething, They strive to  make life easier for an average person. This summer when the temperature was about 30°c-35°c i notice most tourtist in rome moving around with this mini rechargeable fan


thanks

[Maiscoinyelo]

Samsung Electronics, a giant of the Smartphone manufacturing industry, recently commented through its official blog that cryptocurrency wallets based on mobile phones are the safest option for the short and medium term storage of cryptocurrencies.

The post explains that smartphone-based cryptocurrency wallets are a very safe place to store digital money, at least the equivalent of the amount we could store in our physical wallet. To save long-term cryptocurrencies, Samsung recommends creating multiple backups of the private key associated with the wallets.

The Smartphones producer commented that private keys should be stored offline to maximize their security, which means that they should not reside on a mobile phone or any device that connects to the internet regularly.

The blog post comments that mobile phone cryptocurrency wallets are the best place to store "spendable" money due to the phone feature called Trusted Execution Environment (TEE).

The TEE runs its own execution independently, which means that the RAM and storage of the phone are separated from the main operating system of smartphones.

Because of this, the Android operating system can not directly access the TEE, even if the operating system is hacked. In this sense, you can only access the TEE through an application programming interface (API).

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Its great to know that we can store our cryptocurrencies on our smartphones, but is it really safe? Like, how and what will happen if our smartphones lost. Can we restore our lost data of crypto in our new phones. Or if its stolen are we sure that it will not be hacked. Questions like that follows on our mind if we hear topics like this.

[bitlind]

I am expecting seriously that Samsung in the next year will develop a smartphone which would be having a built-in cryptocurrency storage or something like that, it is logical for me that somebody need to start that.

[bedrosovic35]

And they can be hacked if it's online ! Keep everything on external devices and there will be no problem !

[Finnong]

That’s good! It sounds considerable to buy samsung, i’m thinking eventually of buying one. But is it teally secure? I don’t know technicalities about phones that’s why i’m being cautious. Cryptocurrency is already a risk will mobile phones bring me to risks as well? Just thinking.....

[maumaugurin]

It's actually true that using smartphones are more of a secure and easier way to use the cryptocurrency and blockchain system. It displays an easier view in comparison to the other electronic devices, and also the smartphone based wallets are more secure than ever. That way, if people get used to using cryptocurrency over smartphones the rate of the growth of the community increases even more, because mostly people prefer using smartphones over anything being the easiest and the most convenient way possible.

[NavI_027]

cryptocurrency wallets based on mobile phones are the safest option for the short and medium term storage of cryptocurrencies.

I'm glad that someone, and take note of its big name in the industry, also agreed that mobile wallets can be considered as the safest way of storing crypto because that's what I've been thinking of all the way. Yeah! Some of you might disagree and still go in the favor of cold storage (it does) but when it comes to storing only few coins then not bad to use mobile wallets since they are more practical and convenient.

To save long-term cryptocurrencies, Samsung recommends creating multiple backups of the private key associated with the wallets.

The Smartphones producer commented that private keys should be stored offline to maximize their security, which means that they should not reside on a mobile phone or any device that connects to the internet regularly.
Though my private key is not in my hands. I know either why Coins.ph, the wallet I'm using, don't allow its users to have access on their own private keys. After a couple minutes of research, here's what I found: https://support.coins.ph/hc/en-us/articles/360000071761-Can-I-have-access-to-my-private-keys- . Nevertheless, I don't worry about the security of my coins at all because I'm confident of my wallet's credibility and trustworthiness.

Ps: But still, much better if you hold your own private key.

[billy4u]

Gradually smartphone is getting functions and abilities. Samsung has always believed in cryptocurrency and it is showing its commitment once again. It will really be cool to have my hard wallet on my phone as I move around.

[Mary Birkin]

Gradually smartphone is getting functions and abilities. Samsung has always believed in cryptocurrency and it is showing its commitment once again. It will really be cool to have my hard wallet on my phone as I move around.

Lots of smartphones have a Trusted Execution Environment (TEE). So, hackers have no ability to get into and steal data. But experts say that saving large amount is not a good idea in any case.

[dang thi bich thuy]

Samsung is extremely smart when it comes to developing Blockchain technology and wants to use their phone to store wallets. Earlier this year, the company revealed that it was planning to enter the ASIC market through the production of electronic chips used to exploit codewords. This decision led to significant growth in Samsung's profitability in the first quarter of 2018.

[KINGCHACHA1]

As far as mobile phone have been able to make life easy by allowing people to carryout some difficult task easily without stress. I do not support the use of mobile phone as a means of storing cryptocurrency. Moblie phone can be stolen at any time.

[bitfocus]

here I don't agree with Samsung, phones get stolen, phones get lost, crushes and often, they die.

[Theb]

They do have specified that smartphones are the best option to store your cryptocurrencies for short to medium term storage. Which I am inclining to agree on, remember if you are expecting to spend cryptocurrencies within that year the best wallet you will be using is of course mobile wallets as this is ideal for payments on the go, of course you don't expect to be holding cryptos worth millions to mobile wallet apps but keeping a few thousands won't hurt as it is safe depending on the level of your security from both the app and yourself to your phone.

I remembered the first time I downloaded my local wallet it asked me if I want to use my finger print as a way to unlock my wallet or a regular 6 digit pin or even both. I chose the 2 modes of security in order to protect my BTC more. It does not hurt by adding a little bit more protection to your cryptos on the go.

[MNDan]

It would be quite logical and anticipated that Samsung will be the first company to develop a smartphone with built in cryptocurrency storage wallet it would be nothing amazing.

[2fresh]

That’s good! It sounds considerable to buy samsung, i’m thinking eventually of buying one. But is it teally secure? I don’t know technicalities about phones that’s why i’m being cautious. Cryptocurrency is already a risk will mobile phones bring me to risks as well? Just thinking.....

You of course take some extra risk by bringing your phone everywhere you go. They can make it as secure as they want but if you lose your phone your crypto is gone.

[bitbunnny]

How relevant is Samsung to make such claims? They also say their mobile phones are the best but to my opinion they are not, for quite some time now.
Still I think that mobile wallets could be rather safe for keeping coins.
In general everything depends how caucious you are, how to you keep your phone safe and secure, are you using mobile antimalware, do you have some tools to protect your phone in case of theft or when being lost. There are many factors that influence security of coins on your mobile.

[Gypat]

The idea is amazing and I think it will be more convenient and easy to use but the big question is ; how to restore your wallet in the event that the phone gets lost or spoilt. If there can be a means to restore it in such circumstances then no doubt it is the best way to store cryptocurrency.